MKT 101 Lecture Notes - Lecture 5: Consumer Choice, Egotism, Deontological Ethics

• School: Hofstra University
• Department: Marketing (MKT)
• Course: MKT 101
• Professor: Hamby

Document Summary

Ethics: philosophy of human conduct, with an emphasis on right and wrong not what is legally right or what society deems as morally appropriate, it is what is accepted as right or wrong behavior. Social responsibility: (cid:272)o(cid:374)(cid:272)e(cid:396)(cid:374) fo(cid:396) (cid:272)o(cid:374)se(cid:395)ue(cid:374)(cid:272)es of a pe(cid:396)so(cid:374)"s o(cid:396) fi(cid:396)(cid:373)"s a(cid:272)ts as they (cid:373)ight affect the interests of others. For marketers, ethics refers to principles governing the conduct of organizational members and the consequences of marketing decisions. Stakeholders people (cid:449)ho (cid:272)a(cid:374) (cid:271)e affe(cid:272)ted (cid:271)y the o(cid:396)ga(cid:374)izatio(cid:374)"s a(cid:272)tio(cid:374), su(cid:272)h as (cid:272)o(cid:374)su(cid:373)e(cid:396)s, stockholders, the community at large. Outcome- oriented determines something is good based on the ends. Egoism: consequences to self adopting social responsibilities practices because (cid:272)o(cid:374)su(cid:373)e(cid:396)s like it, it"s good fo(cid:396) (cid:271)usi(cid:374)ess status. Utilitarianism: greatest good for the most people. Process oriented determines how the decision is made. Duty-based (deontology): basic obligations (e. g. , implied duties of faith) abiding by agreed-upon codes. Value ethics: seeking to uphold/avoid infringing certain values because inherently good (e. g. honesty, autonomy, privacy, transparency)